Today everyone is looking to put their money in a startup firm or a brand new innovative project that spells uniqueness. Everyone wants a piece of the corporate pie and for the obvious reasons. You are your own boss and you share your profits with nobody. But to everyone who is new to this world, let’s be clear about the many aspects they will have to take care of when building their very own business empire. You will need people, resources and experts and many other systems in place. For starters you will need a reliable accountant and a business advisor. These professionals can help you stay on track and keep your costs in control which is extremely crucial for everyone who is looking to establish a new business.
Do you know how an accountant or a business advisor can help you in your start-up process? Maybe you have a clue but you’re not aware of the many ways he can actually be of help. You are nervous when you are out there starting a new business and there are so many decisions you need to take. You will need all the right resources and systems to create the foundation for a successful business.
Therefore you will need the help of an Accountant or a business advisor for the following reasons:
- Determine the best business structure for your startup for example sole proprietorship, LLC, corporation, partnership or anything else depending upon your situation and budget
- Assist with regular financial analysis of your business plan
- Advise you on the type of accounting software you will need and should use
- Information and important insights about the right kind of business bank account and assistance in opening it
- Ensuring that your accounting procedures are in compliance with government rules, regulations and requirements
- Assisting in tracking all your expenses with regards to your daily business activities
- An accountant will also explain the importance of keeping all your personal expenses separate from those of your business
How can an accountant or a Business Advisor be of help to you in your regular business operations? This is not just for new entrants in the market whose business has taken off the ground but for everyone who needs to maintain the accounting system that their accountant has helped them set up. Following are some of the most important and very specific functions in which your accountant or business advisor may be able to assist you on a regular basis:
- Ensuring workflow and cash flow among your independent contractors and employees
- Explaining and conveying your financial statements to you for a better understanding of the ins and outs of your business
- They will also help you oversee company payroll and payment processes
- You can gain valuable assistance and advice on estimated tax payments to be made during the year
- It is obvious that you are not going to be the one to close out all your books and create financial reports. The expert will do that at the end of the year
- You won’t have to do the compiling and submitting of your taxes and financial reports. The expert professional will handle all the necessary paperwork with the authorities
These were just some of the ways a business advisor or an accountant can work with you to make your small business more profitable.